almost 1/3 of all analysts and associates in IB were let go today… wow!!
drs Wrote: ------------------------------------------------------- > almost 1/3 of all analysts and associates in IB > were let go today… wow!! Was the number that big because of BSC, specific product groups, or was it general downsizing? I think a friend of mine got hit, he emailed me this morning saying he thought it would happen, I haven’t heard back.
Do you know this personally, or did you just pull it from DB/WSO/etc…?
Yep, I was laid off Tuesday morning. Seems like all firms in finance or real estate or connected to either industry are feeling the pain.
kkent Wrote: ------------------------------------------------------- > Yep, I was laid off Tuesday morning. Seems like > all firms in finance or real estate or connected > to either industry are feeling the pain. I thought you worked for a real estate appraisal firm in D.C. Sorry to hear.
Yep. Half the company is done for. I’m not surprised to hear about JPMorgan. I was more surprised to hear about the massive layoffs at Freddie Mac months ago because I had always assumed working for Freddie or Fannie was basically as safe as gov’t work. Not so. It’s cool–people getting laid off are smart, educated fellas. We’ll be alright. Things could be a lot worse.
Sorry to hear you lost your job. What are your plans, kkent? I’m on another continent where we haven’t been laying off all that many jobs just yet.
i know this personally through a good friend
S&P has laid off 395 people this week.
Sorry to hear about your layoff kkent; I know you’re being stoic, but no man is an island and all that. I suppose it helps to know that it’s nothing personal about you, but the income implications have got to be at least a little stressful. At least you’ll have more time to study for the exam though… how’s that for a silver lining.
How much severance did JPM paid? When I was there, some perm people who got laid off got 2-3 weeks for every year they worked there.
kkent Wrote: ------------------------------------------------------- > Yep. Half the company is done for. I’m not > surprised to hear about JPMorgan. I was more > surprised to hear about the massive layoffs at > Freddie Mac months ago because I had always > assumed working for Freddie or Fannie was > basically as safe as gov’t work. Not so. > > It’s cool–people getting laid off are smart, > educated fellas. We’ll be alright. Things could be > a lot worse. Sorry to hear this kkent. I was in the same spot as you about 6 months after I graduated 3 years ago. The key is to immediately start job-hunting with a vengeance.
wow thats awful. as bad as i feel for all the people getting laid off, i feel even worse for new grads. the absolute *wall* of competition they’re gonna face trying to get that first job…
My roomate just got fired from JPM yesterday. They fire them because they can’t screw over the kids from the top schools who recently got hired. It’s pathetic. I guess that’s the risk you take for entering an analyst program at a large bank to begin with - just bad timing.
jalmy8 Wrote: ------------------------------------------------------- > My roomate just got fired from JPM yesterday. > They fire them because they can’t screw over the > kids from the top schools who recently got hired. > It’s pathetic. I guess that’s the risk you take > for entering an analyst program at a large bank to > begin with - just bad timing. I heard 50% of M&A got hit, 30-40% in other areas. 3mos + some type of bonus for jr guys.
JPM held up pretty well through the credit crunch. I guess it is the merge that fired so many people.
DAMN. i get depressed each day by reading the news…
right now i feel very lucky that I didn’t have the grades to get into an i-bank. asset management is suiting me just fine. much less volatility.
spierce Wrote: ------------------------------------------------------- > jalmy8 Wrote: > -------------------------------------------------- > ----- > > My roomate just got fired from JPM yesterday. > > They fire them because they can’t screw over > the > > kids from the top schools who recently got > hired. > > It’s pathetic. I guess that’s the risk you > take > > for entering an analyst program at a large bank > to > > begin with - just bad timing. > > > I heard 50% of M&A got hit, 30-40% in other areas. > 3mos + some type of bonus for jr guys. you are 100% correct